Whalesbook
Seamec Ltd has extended its charter hire agreement for the accommodation barge, 'SEAMEC GLORIOUS', with Larsen & Toubro Limited (L&T) until May 15, 2026.
The extended charter is valued at ₹6,54,07,500, excluding Goods and Services Tax (GST). This deal ensures a continued revenue stream from the vessel and strengthens Seamec's relationship with a key client in the offshore sector.
The 'SEAMEC GLORIOUS' was acquired by Seamec during the 2021-22 financial year. It had previously secured a 150-day charter with L&T, set to commence in October 2025 and valued at ₹28.86 crore (excluding GST). Prior to that, the barge served ONGC under a contract covering two fair weather seasons (425 days), valued at USD 32 million inclusive of GST.
While this extension guarantees revenue until May 2026, it is for a defined period with only a short optional extension available. This may not secure the vessel's long-term business beyond that date, an aspect investors will monitor.
Shareholders can expect continued operational revenue from the 'SEAMEC GLORIOUS' during the extended period. Investors will be closely watching for updates on whether L&T exercises its option for the additional 15-day extension and for future announcements regarding longer-term charter agreements.